"White Energy in 3-Day TF Dictates WHEN Downward Pressure Ends." SEE COMMENTS IN COMMENTS SECTION: https://www.tradingview.com/chart/BTCUSD/ubrlf8QA-White-Energy-in-3-Day-TF-Dictates-WHEN-Downward-Pressure-Ends/
I sure hope we can avoid the 50/200 MA cross ("death cross") on the daily chart. Those usually confirm a mid/long term bear market. They look to intersect pretty soon, maybe next week. A significant move down to the low $6,000s would be pretty threatening for that reason.
If you have not seen this video yet, watch it: "50-Day MA Crossing 200-Day MA Does NOT Necessarily Mean DEATH." https://www.tradingview.com/chart/BTCUSD/gWrevEoz-50-Day-MA-Crossing-200-Day-MA-Does-NOT-Necessarily-Mean-DEATH/
We are currently in Phase D of a Wyckoff Accumulation Schematic. Phase D has two major events. #1 - Is the "Sign of Strength" (SOS) pushing us substantially above Preliminary Support to establish a new higher trading range. #2 - is the "Back Up/Last Point of Support" (BU/LPS); which is basically re-accumulation within that new higher established trading range. Once our "Back Up/Last Point of Support" (BU/LPS) is completed; this will end Phase D and we transition into Phase E. However, We are not "officially" in Phase e until we breakout ABOVE $13,880 on Bitstamp.
My most recent video publication for BTCUSD points out the indicators in the 3-Day time frame in conjunction with the 12-Day time frame will likely be the best time frames to use to see WHEN this episode of downward pressure in this "Back Up/Last Point of Support" (BU/LPS) will likely end and we begin to slowly transition into Phase E of our Wyckoff Accumulation Schematic.
Even if we do fall lower into the $6k's, this does not mean we are going to continue into a prolonged bear market. It simply means our BU/LPS dropped lower before our transition into Phase E in my opinion.